WARWICK, R.I., March 20, 2023 - Americans of all ages travel but, different age groups have different needs, wants, and concerns when vacationing. So, InsureMyTrip analyzed the travel habits of policyholders in four age groups utilizing data over the last three years*:
Baby Boomer: 58-76
Gen X: 46-57
Millennial: 27-45
Gen Z: 6-26
According to the findings, travelers in each age range have different spending habits, are visiting different destinations, and are purchasing travel insurance at different rates.
Top International Destinations by Age Group
It appears all four generations love a deal. Mexico is one of the cheapest vacations with an average trip cost of $3,323. However, Boomers and Gen X are willing to splurge a little with trips to Italy (avg. $6,984).
Baby Boomer:
Mexico
Italy
United Kingdom
Gen X:
Mexico
Bahamas
Italy
Millennial:
Mexico
Costa Rica
Bahamas
Gen Z:
Mexico
Costa Rica
United Kingdom
Average Trip Cost by Age Group
This may come as no surprise, but Baby Boomers spend significantly more on vacations than the other generations – especially Gen Z.
Baby Boomer: $6,126
Gen X: $5,060
Millennial: $4,141
Gen Z: $2,788
Average Number of Travelers by Age Group
Those in the newest generation, Gen Z, tend to have just one traveler named on a policy, while the other generations tend to buy plans for at least two travelers.
Baby Boomer: Two (2)
Gen X: Two (2)
Millennial: Two (2)
Gen Z: One (1)
Percentage of Travel Insurance Policies Purchased by Age Group
Older Americans and millennials appear more apt to purchase travel insurance.
Baby Boomer: 39%
Gen X: 23%
Millennial: 26%
Gen Z: 7%
Why to Consider Travel Insurance at Any Age
A common misconception about travel insurance is that it is for and caters toward older Americans. However, a policy can be beneficial to Boomers and Gen Zers alike.
Here are two important travel insurance benefits that travelers of all ages may want to consider:
Emergency Medical: This coverage is key for those traveling abroad. Most domestic health insurance plans will not cover medical bills outside of the home country.
Cancel for Any Reason: The add-on/optional benefit gives travelers the flexibility to cancel a trip for something other than a covered reason (e.g., fear). There are eligibility requirements, but if those are met, you may be reimbursed 50%-75% of your insured, prepaid, nonrefundable trips costs if you cancel at lease 48 hours before your departure.
Travelers can compare plans on InsureMyTrip.com. Comprehensive travel insurance plans can cover your prepaid, non-refundable trip cost, including flights and accommodations, in addition to providing robust key benefits including trip cancellation, emergency medical coverage, emergency medical evacuation, trip interruption, trip delay, baggage coverage, and 24/7 emergency assistance. Typically, these plans will run 4-8 percent of a total trip cost.
Media Contact:
Meghan Kayata
Press@insuremytrip.com
*Methodology: InsureMyTrip analyzed travel insurance policies sold for trips departing between January 1, 2020 — December 31, 2023. Generation age ranges defined by InsureMyTrip data team.
About InsureMyTrip
It's simple. InsureMyTrip finds you the right travel insurance plan, every time. InsureMyTrip is the authority on travel insurance. We are committed to empowering travelers to make the best possible insurance decisions by leveraging our technology, data intelligence, and expertise. InsureMyTrip is rated A+ by the Better Business Bureau.
SOURCE InsureMyTrip
